Latest news with #PoweringthePermian
Yahoo
15-05-2025
- Business
- Yahoo
Texas drilling permits drop 50% – local energy expert to weigh in on Trump tariffs
ODESSA, Texas (KMID/KPEJ) – Texas drilling permits decreased 50% last month from a multiple of factors including President Trump's tariffs and a decrease in oil prices. CLICK HERE to watch the on-air version of Powering the Permian ABC Big 2's Chris Talley caught up with Kirk Edwards, a local energy expert, and President/CEO of Latigo Petroleum as he weighs in on President Trump's recent effects on the Texas oil and gas industry. ICYMI: 'Wait baby wait': Local energy expert weighs in on tariff impact in the Basin 'I think the industry's in shock because [President Trump] had 100% of the oil and gas industry behind him', said Edwards. 'Major, big independents, Diamondback, Koterra, EOG, Matador, have all announced they're going to lay rigs down. They're going to drop, two to three rigs apiece, and you start adding that up, it's going to be a pretty significant hit to us here in the Permian,' explained Edwards, President and CEO of Latigo Petroleum. Edwards said what this means for oil company stocks 'The earnings were good for a lot of these companies. It's going to be second, third, fourth quarter earnings that are going to be hit, and I think that's why you're seeing some of these stocks hit right now, because they may have had a good first quarter, but they're foretelling people right now, hey, we're not going to drill as much, we're not going to spend as much money, we're going to slow down.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
09-05-2025
- Business
- Yahoo
Chevron to lay off 125 employees July 1, could Permian Basin be affected?
EDITOR'S NOTE: the above video is an airing of Powering the Permian, May 7, 2025. Watch ABC Big 2 news and FOX 24 news, Wednesdays for a new segment. ODESSA, Texas (KMID/KPEJ) – Thursday, oil-giant, Chevron announced it would be laying off 125 employees from the Denver, Colorado office starting July 1, 2025. This is part of their announcement in February that they would cut their workforce by 15-20% this year. This comes as oil prices dropped to a 4-year-low, sitting at just over $60/barrel Tuesday. In a statement to Chevron Employees in Colorado Trudi Lewis Boyd, Chevron's corporate affairs manager, said in an email quote 'A number of Denver positions will move to the company's headquarters in Houston as part of the reorganization.' We've reached out to Chevron's Permian Basin location in Midland to see if local jobs would be impacted and have not recieved a response. This is a developing story. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
08-05-2025
- Automotive
- Yahoo
Trump orders 'Proficient English' for truck drivers, Permian Basin workforce could be affected
ODESSA, Texas (KMID/KPEJ) – Thousands of truck drivers come through the Permian Basin on any given day, but could that number soon change after a recent executive order from President Trump? To watch the on-air version of Powering the Permian – CLICK HERE April 28, 2025, President Donald Trump issued 'Enforcing commonsense rules of the road for America's truck drivers' executive order. According to The White House, the purpose of the order is to provide quote a 'non-negotiable safety requirement for professional drivers. They should be able to read and understand traffic signs, communicate with traffic safety, border patrol, agricultural checkpoints, and cargo weight-limit station officers. Drivers need to provide feedback to their employers and customers and receive related directions in English. This is common sense. That is why Federal law requires that, to operate a commercial vehicle, a driver must 'read and speak the English language sufficiently to converse with the general public, to understand highway traffic signs and signals in the English language, to respond to official inquiries, and to make entries on reports and records.' Yet this requirement has not been enforced in years, and America's roadways have become less safe,' end quote. According to labor statistics from Zippia, the most common ethnicity of truck drivers is: White (59.8%) Hispanic or Latino (18.6%) Black or African American (12.8%) Other races (8.8%) Here in the Permian Basin, James Beauchamp, President of MOTRAN tells ABC Big 2's Chris Talley, while enforcement is important, there are bigger problems that exist out on the road. 'Over the last 4 years, it really hasn't been enforced, but from the perspective, we weren't going to put somebody out of service over just that,' Explained Beauchamp. 'If you look at 2024 at commercial motor vehicle inspections that took place in the Permian Basin, over 40% of those trucks went out of service just on the condition of the truck and you had anywhere between 17 and 20% going out because of the driver either not following log hours or – in a lot of cases, not licensed, maybe, no CDL License maybe no license period,' said Beauchamp. Congressman August Pfluger, (Rep.) 11th District, a representative of the Permian Basin Told ABC Big 2's Chris Talley, President Trump 's administration aims to enforce a law that has been widely ignored. 'What President Trump has tried to do is reestablish the rule-of-law, which I think this executive order gets to the heart of the rule-of-law, especially with many of the illegal immigration issues that we saw over the last 4 years,' said Rep. Pfluger. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to Yourbasin.
Yahoo
09-04-2025
- Business
- Yahoo
EPA approves Occidental Petroleum CO2 storage in the Basin, stock in the spotlight
ODESSA, Texas (KMID/KPEJ) – The stock of Occidental Petroleum (known as OXY) was in the spotlight Monday after securing permits from the U.S. Environmental Protection Agency (EPA) to store carbon dioxide in underground wells 14 miles from the city of Odessa in Ector county. This includes three wells that will store about 722,000 metric tons of carbon dioxide per year at a depth of about 4,400 feet. According to the EPA, Class VI injection wells store carbon dioxide (CO2) deep underground, either captured from an emissions source or the atmosphere. In a statement from OXY, the company said 'the wells would store CO2 captured from STRATOS, which is the world's largest Direct Air Capture (DAC) facility in Ector County, Texas. Occidental has expressed intentions to build 100 DAC facilities by 2035.' In a statement from EPA Regional Administrator Scott Mason, 'Oxy Low Carbon Ventures has demonstrated their ability and intention to operate these wells responsibly while creating jobs and supporting the Texas economy.' Stay with ABC Big 2 news as we continue to follow the latest on this developing story. For your latest Energy Report, tune in Wednesday night's at 6pm for 'Powering the Permian' with Chris Talley. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
21-03-2025
- Business
- Yahoo
SNEAK PEEK: DiamondBack Energy's vision for 2025
MIDLAND, Texas (KMID/KPEJ) – Check out our exclusive sneak peek of ABC Big 2's Chris Talley's one-on-one interview with DiamondBack Energy's President and CFO, Kaes Van't Hof as he talks about the company's future plans of growth in 2025. Catch the full-length interview in an all-new Powering the Permian on March 26. Hear Van't Hof speak about recent mergers and acquisitions of other local West Texas oil and gas companies and DiamondBack's nearly 2 decades of growth. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
